The global nuclear imaging equipment market size was over USD 3.0 billion in 2023, and it is anticipated to grow up to USD 5.2 billion by 2033, at a CAGR of 6.1% during the forecast period.
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A nuclear imaging system involves the use of radioactive substances or tracers for the treatment of diseases. The radioactive substances are injected orally or intravenously, and the imaging systems record the radiation emitted by these substances to create images of organs inside the human body. These generated images help the physician in better detection and diagnosis of the illness. The emergence of healthcare technology devices has addressed the increasing need for better diagnostics. Technologically advanced imaging systems have surmounted conventional systems in terms of precise and accurate images.
Market Trends and Drivers
A shift from standalone to hybrid modalities will drive market growth. With technological advancements in the field of imaging, there has been a significant evolution of hybrid systems in the past decade. The major advancement in this regard is that of combined PET modalities. The innovation of the PET/CT modality has been so successful that the major imaging system manufacturers do not provide standalone PET systems any longer. Based on the success of the hybrid PET/CT systems, hybrid PET/MRI and SPECT/CT systems have also gained attention. These hybrid systems can provide precise images with better resolution compared to standalone systems. They can provide morphological as well as physiological information in just one examination. For instance, in the case of skeletal evaluation, a SPECT/CT system offers accurate localization along with improving the specificity of the information provided by CT. Due to advantages such as these, many hospitals are now replacing their standalone systems with hybrid systems. The rising popularity of hybrid modalities is likely to drive the growth of the nuclear imaging equipment market.
Market Restraints and Challenges
The high cost of imaging systems may hamper market growth. Nuclear imaging systems are priced at a premium and require high investments for installations, which increases the procedural cost for patients as well. This affects the adoption rate of new systems, especially in emerging countries; most healthcare facilities in these countries, consequently, cannot afford such systems. In emerging countries like Brazil, the average cost of a PET system is between USD 400,000 and USD 600,000, while a SPECT system would cost between USD 250,000 and USD 400,000. These high costs, coupled with maintenance costs, are expected to hamper market growth. Healthcare facilities that purchase such costly systems often depend on third-party payers (such as Medicare, Medicaid, or private health insurance plans) to get reimbursements for the costs incurred in the diagnostic, screening, and therapeutic procedures performed using these systems. As a result, factors such as continuous cuts in reimbursements for diagnostic imaging scans and the increasing cost of nuclear imaging systems are preventing medium-sized and small healthcare facilities from investing in technologically advanced nuclear imaging modalities.
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Major Players in the Global Nuclear Imaging Equipments Market
The key players in the market are Siemens Healthineers (Germany), GE Healthcare (US), Koninklijke Philips (Netherlands), Digirad Corporation (US), Neusoft Medical Systems Co., Ltd (US), Canon Medical Systems Corporation (Japan), SurgicEye GmbH (Germany), DDD-Diagnostic A/S (Denmark), CMR Naviscan Corporation (US), and Mediso Ltd. (Hungary), among others.
Global Nuclear Imaging Equipment Market Segmentation
By Product
- PET
- SPECT
- Planar Scintigraphy
By Application
- Oncology
- Cardiology
- Neurology
- Others
By End-Use
- Imaging centers
- Academic and research institute
- Hospitals
- Others
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COVID-19 Impact
The COVID-19 outbreak has significantly impacted the availability of hospital resources worldwide. This has been primarily managed by dramatically reducing in-patient and outpatient services for other diseases and implementing infection prevention and control measures. Both diagnostic and therapeutic nuclear medicine procedures declined precipitously, with countries worldwide being affected by the pandemic. Most of the nuclear medicine scans and therapies are carried out in outpatient departments as follow-up cases, whereas new studies are usually dealt with in inpatient departments after going through COVID-19 screening. Nuclear medicine lacks portable SPECT and PET scanners, and there is a constant need to inject the patient with radiopharmaceuticals so the movement of the patient is not restricted. Hence, it is very crucial for nuclear medical workers to have a thorough knowledge of precautionary measures to prevent COVID-19 transmission.
A majority of heart patients who go through nuclear cardiology procedures are usually above 60 years of age and carry other extreme health risks such as diabetes, hypertension, and chronic renal and lung diseases. All of these factors make them highly vulnerable to developing COVID-19 and have led to a decrease in the number of nuclear imaging procedures. However, many healthcare experts believe that this reduction in the number of procedures is temporary.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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